EXHIBIT 10.04.03
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
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This First Amendment to Employment Agreement is entered into as of the 1st day
of August, 1997, between SALEM RADIO NETWORK INCORPORATED, a Delaware
corporation ("Company"), and XXXX X. XXXXXXXX ("Employee").
WITNESSETH:
WHEREAS, the Company and Employee entered into a contract for the employment of
Employee by Company on February 9, 1995 (the "Agreement"); and
WHEREAS, the parties desire to amend the Agreement.
NOW THEREFORE, for valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:
1. Paragraph 1 of the Agreement is hereby amended to read as follows:
1. TERM. The term of this Agreement will be for the period beginning
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August 1, 1997 and ending September 30, 2000.
2. Subparagraph 3.3 of the Agreement is hereby amended to read as
follows:
3.3 In addition to Employee's responsibilities with respect to the
Company enterprise set forth in subparagraph 3.2, above, Employee
shall supervise and manage the operations of Salem Radio
Representatives, Inc., SRN News and the Morningstar music format.
3. Paragraph 4A of the Agreement is hereby amended to read as follows:
A. Company agrees to pay Employee in full for services rendered as
described in Part 3 above, a base salary of $13,525 per month during
the term of this Agreement.
4. Paragraph 4B of the Agreement is hereby amended to read as follows:
B. In addition, Employee shall be eligible for an annual performance
bonus consideration based on the following:
At the completion of year-end audited financial statements of the
Company and the other entities supervised and managed by Employee
during the term of this Agreement, consideration will be given by the
Company Board of Directors to paying Employee a discretionary bonus,
following its evaluation of Employee's performance. Criteria to be
considered will include but not be limited to: Meeting or exceeding
the net operating income budgets of the Company and the other entities
supervised and managed by Employee; identifying talent and
development of new programming; continued expansion of the Company
affiliate base, and in particular the expansion of affiliates for and
establishment of profitability at SRN News; and development and
skillful management of the organization of all entities supervised and
managed by Employee, and in particular the development of managerial
and affiliate relations staffs. Bonuses, if declared, will be paid not
later than 30 days after the completion of the audited year-end
financial statements.
5. The second sentence of Paragraph 5 of the Agreement is hereby amended
to read as follows:
Employee shall receive three weeks (15 days) of paid vacation time per
annum through the term of this contract.
6. Xxxxxxxxx 0X of the Agreement is hereby amended to read as follows:
C. By Company at any time provided one hundred eighty (180) days of
salary, excluding bonuses, and all accrued vacation is paid.
7. Except as specifically amended herein, all terms and conditions of the
Agreement shall remain in full force and effect.
Executed as of the date first above written.
SALEM RADIO NETWORK INCORPORATED
By: /s/ Xxxxxx X. Xxxxxxxx III
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Xxxxxx X. Xxxxxxxx III
Chief Executive Officer
/s/ Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
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